WASHINGTON (Realist English). The U.S. Senate on Monday confirmed President Donald Trump’s nominee Stephen Miran to the Federal Reserve Board in a narrow 48–47 vote, clearing the way for him to participate in the central bank’s policy meeting this week.
The confirmation, which fell largely along party lines with Republican Senator Lisa Murkowski joining Democrats in opposition, comes just one day before the Federal Open Market Committee convenes to decide whether to cut rates for the first time since December 2024.
Miran, who chairs the White House Council of Economic Advisors, said he would take an unpaid leave from that role but has not committed to resigning. Critics, including Senate Banking Committee Ranking Member Elizabeth Warren, argue that his dual position undermines the Fed’s independence.
Markets expect the Fed to trim borrowing costs by at least a quarter point, though Trump has pressed for deeper cuts. On Monday, he wrote on Truth Social that Chair Jerome Powell “MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!”
Miran will serve out the remainder of former Governor Adriana Kugler’s term, which expires on January 31, 2026. At his confirmation hearing, he suggested he would resign from the White House if nominated to a full term.
The decision arrives amid broader turmoil at the Fed. Trump is seeking to remove Governor Lisa Cook, the first Black woman to serve on the board, over disputed allegations of mortgage fraud. Cook has denied the charges and filed suit. On Monday, a federal appeals court ruled Trump cannot remove her before the FOMC meeting begins.